European energy prices surged after Russian forces attacked Ukraine targets, Bloomberg reported.
Benchmark Dutch futures rose as much as 41% in their fourth-straight daily advance. While German power for March surged as much as 31%. Prices have been increasing throughout the week as tensions over Ukraine escalated.
It's worth noting that the United States along with other western countries are vowing to expose further sanctions on Russia. However, there are concerns that any sanctions restricting Russia’s access to foreign currency could backlash resulting in commodity markets from oil and gas, to metals and food soaring to all time highs.
